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High value life insurance policies

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High value life insurance policies

Individuals whose incomes are above average may want to take up life insurance policies that would have larger rates but that would also yield larger returns in case of an accident. A solution to this problem is given to them through high value life insurance. This kind of life insurance will require more in depth medical examination, but the people who wish to undertake such a life insurance policy are probably aware of those requirements.

Large sums of life insurance that exceed a million or more in net worth are a high risk for insurance companies when compared to smaller life insurance investments.

When sums like this are in question you might even be subjected to genetic scans for certain diseases besides the standard GP report.

The screening that you might be subjected when applying for a high value life insurance may include the following: Nurse Screening (Basic medical), Full Medical Examination, HIV Test, Liver Function Test, Resting ECG, Fasting Lipids, Resting & Exercising ECG, Urinalysis, Renal Function Test, Full Blood Count, Fasting Blood Sugar, Cotinine Testing (presence of smoking related chemicals), Prostate Screening, Genetic Screening.

The actual amount of the screenings might be smaller which will depend from case to case, also the actual amount of coverage being offered by the insurance company may also vary from case to case. Consulting an advisor might help you get a general understanding of the rates and the screening processes.

As a business owner, it’s more likely than not that you’ve accumulated some wealth over the course of your lifetime. Even with this being the case a lot of people still do not have the right level of liquidity to purchase the high value life insurance policies. When this policy is chosen the loaned premium as well as all of the interest will be taken from the death benefit while the rest of the money will belong to your family. Flexible financing options are something that most of high value life insurance policies offer as a way of attracting customers.

After the end of the loan term the customer can make a decision to either continue or release the coverage policy to the lender which will in fact work as a full repayment of premiums.

The issued loans are done through a chartered bank that is backed by the FDIC, therefore security will not be under risk. For those that wish to leave a large inheritance in case of sudden death or illness, this type of life insurance policy is optimal.

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